Trump says US is taking partial control of Venezuela's vast oil reserves

President Donald Trump announced on Friday that the United States has secured majority control of 65 billion barrels of proven Venezuelan oil reserves in a historic oil deal. The deal, described by Trump as "the biggest oil deal in world history," is expected to bring nearly $100 billion in private investment to Venezuela, with significant tax revenue benefits for the US and Venezuelan governments.

Venezuela, which holds the world's largest proven oil reserves, has been under intense scrutiny from the Trump administration since the ousting of President Nicolas Maduro in January, with Vice President Delcy Rodriguez serving as interim leader under US guidance. Trump's administration has been actively seeking to secure Venezuelan oil for the US, and the deal is projected to more than double US oil reserves, addressing high gasoline prices a key political concern for Trump ahead of the November midterm elections.

The interim leader, Rodriguez, confirmed the historic agreement, estimating it would have a significant impact on Venezuela's economic recovery and potentially generate over $100 billion in private investment and tax revenue. Experts note that the unconventional nature of the deal raises questions about the transfer of the oil assets, with concerns over how the transition would be executed.

While some US oil companies have shown interest in investing in Venezuela, they have been hesitant due to the country's outdated infrastructure and the potential political risks of investing in the region.